20251112-大越期货-沪锌期货早报_15页_903kb

报告摘要

Summary of Shanghai Zinc Futures Morning Report - Nov 12, 2025

Report Overview

This report provides a market analysis for Shanghai zinc futures on November 12, 2025, authored by Zhu Senlin from Dary Futures Investment Consulting Department. The analysis covers fundamental and technical aspects, with key data sources listed. This report does not constitute financial advice and carries standard disclaimers.

Fundamental Analysis

Global zinc market shows persistent supply shortages: In August 2025, global supply deficit was 2.1万吨, and for January-August 2025, total deficit reached 28.13万吨. Production data indicates positive short-term fundamentals, supporting a bullish outlook.

Technical Analysis

Basis: Current spot basis is +135, considered favorable for buyers.
Inventory: LME zinc inventory increased to 35,300 tons (+400 tons), slightly bearish; SHFE zinc inventory rose to 70,518 tons (+649 tons), more bearish overall.
Market Dynamics: Recent trading saw an oscillating fall in prices, with reduced volume and both long and short positions decreasing, suggesting potential short-term consolidation. Price remains above the 20-day moving average, indicating strong support.
Expectations: Short-term projection anticipates an oscillating rebound in the ZN2512 contract, based on market trends and technician indicators.

Short-Term Outlook and Recommendations

Market Sentiment: The market is expected to enter a period of oscillating rebound, drawing buying interest amid decreasing trading volumes.
Suggested Action: Operation for ZN2512 is to consider short-term entries during oscillations, with caution to market risks.

Risk and Disclaimer Notes

This report is not an official investment recommendation and should not replace independent judgment.
Market involves risks; past performance does not guarantee future results. Dary Futures disclaims all responsibility for reliance on this report.
Report prepared under consultation business qualification No. 证监许可[2012]1091.

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